’Finding trustworthy data, reliably available when needed, is a huge priority,’ says lead developer
Insurtech Intelligent AI and broker Konsileo have started using data sets from insurance analytics firm Doorda in a bid to bolster their client profiling capabilities, a statement released today (18 July 2023) said.
Doorda provides the insurance industry with UK data in a bid to improve assessments and recommendations.
It claimed that insurers have only been using less than 10% of available data when making underwriting decisions, with some having been incomplete and unreliable.
Clifford McDowell, founder and chief executive of Doorda, said he was “delighted to be supporting Konsileo and Intelligent AI to create bespoke risk profiles”.
“It’s encouraging too that tier-one insurers are also embracing this approach by using some unique Doorda data,” he added.
Use of data
Konsileo will use Doorda data which comes from official systems of record such as Companies House to feed the construct of client profiles, including asset and legal entity information.
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This will in turn enable their brokers to select the most appropriate insurance whilst preparing for queries.
Meanwhile, Intelligent AI will use Doorda to get consistent and structured data to help provide a higher quality of service to insurer clients.
The insurtech offers artificial intelligence (AI) and data analytics solutions that identify, measure, predict and mitigate risk whilst bringing clarity to insurers and commercial property owners.
Anthony Peake, Intelligent AI chief executive, said: “As organisations look for (ESG) environment, social and governance data, Doorda is able to address the social aspects by providing a wealth of geo-demographic data as well as proximity information about nearby properties and businesses.
“They are very good at data on the internal compartmentation and have also helped us in better understanding the makeup of multi-occupancy buildings.
“Doorda data always scores highly when compared to other potential sources, the quality is there. We could get some of the data from other suppliers, but we trust Doorda.”
Meric Stanley, lead developer at Konsileo, added: ‘‘Finding trustworthy data, reliably available when needed, is a huge priority. Our insurance discussions are based on detailed information about specific circumstances, rather than generic scores and Doorda excels in providing the detailed, raw data that is so key to our business.
“As a valued business partner, Doorda is always able to answer our questions about the data, their API [application processing interface] is always reliable, and they are our first point of call for data.”
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